I have a company called Saicom, and it has been a liability for me since the past 10 years.
My Company is not engaged in any business activity due to scarcity of working capital funds. It is trying to be operational by implementing cost reduction measures
My Company has not complied with certain regulation of SEBI such as publication of Notice of Board Meeting, Notice of AGM, quarterly results
My Company has not appointed Chief Financial Officer and Internal Auditor which are required as per Companies Act
To top it all of, it is a loss making entity. In FY22, company was unable to generate any revenue except Other Income which consisted of Short Term Capital Gain on Mutual Funds.
My parents were forcing me to sell my company and study for UPSC instead. But because it is in such a sorry state nobody was buying it except for shady shell companies.
Luckily, a fool bought almost 50 L of my company! Haha! I got a sweet exit, and now I can study for UPSC in peace. Thanks sucker, keep HODLing the bag!